Thousands of customers of Equity Savings and Loans Limited have been left stranded following what appears to be the collapse of the financial institution, sparking widespread anger, anxiety, and renewed concerns about the stability of Ghana’s savings and loans sector.

Several affected customers who spoke to JoyNews said they have been unable to access their deposits for months, with some reporting that branches have been shut down or are no longer operational.

The situation has left many depositors in severe financial distress, unable to meet basic needs, run their businesses, or execute planned investments. For many, the funds locked up in the institution represented years of savings and critical capital for daily survival.

Some customers revealed that signs of trouble had emerged long before the apparent shutdown, citing persistent difficulties in withdrawing funds. They described repeated explanations from the institution pointing to liquidity challenges.

One customer, a trader involved in the importation of phones, laptops, and accessories, recounted how he was denied access to a large withdrawal at a crucial time for his business.

“When the dollar started skyrocketing, I decided to take a huge sum from my account to restock my shop, but I was told they didn’t have enough money to give me GH¢80,000,” he said.

Others said they only discovered the severity of the situation after visiting branches and finding them locked.

“My friend alerted us that the facility had been closed. At first, I didn’t believe it, but when we went to check, it was true,” another customer said.

Long-term clients also reported that some branches had not been operating for several months without any formal communication from management. A depositor who frequented the Lapaz branch said it had remained closed for about four months.

The lack of transparency has deepened frustration among customers, many of whom say they have been left completely in the dark regarding the status of their investments.

“I made a three-year investment and only returned to adjust my arrangement, but I found the office locked,” one customer lamented.

Others described making repeated visits over extended periods, only to be told that there was no cash available.

“They kept telling me there is no money. I know people who invested over GH¢100,000 and still haven’t received their funds,” another affected depositor revealed.

The crisis has significantly disrupted the lives of many households and small business owners, particularly traders who rely heavily on accessible capital to sustain their operations.

Beyond the immediate financial hardship, the situation has eroded public confidence in the savings and loans sector, with many depositors now questioning the safety of their funds and the effectiveness of regulatory oversight.

As affected customers demand answers and possible intervention, concerns continue to mount over the broader implications of the development for Ghana’s financial system.

Story by: Andre Mustapha Nii Okai Inusah
Popularly Known As: Attractive Mustapha
Email: attractivemustapha@gmail.com
Contact Number: 00233244 259 564